Axelum Nets P578 Million
Axelum Resources Corp. (PSE: AXLM), the country’s leading fully-integrated manufacturer and exporter of world-class premium coconut products, has disclosed its financial and operating results from January to September 2021.
Photo Insert: The company has already outperformed the full-year 2020 earnings in the first nine months of 2021.
For the period, Axelum generated sales of ₱4.79 billion, up 28% from ₱3.75 billion, driven by double-digit volume growth across all core product segments.
Desiccated coconut volume increased 20% while coconut water continues to deliver robust volume growth at 18%. Sweetened coconut and coconut milk powder volumes grew 21% and 12%, respectively. In total, these product segments accounted for 86% of the topline.
Gross profit rose 33% to ₱1.27 billion from ₱955.18 million, translating to an industry-leading gross margin of 27%. EBITDA stood at ₱924.72 million, up 43% from ₱648.65 million, attributed to an effective fixed overhead discipline
Net income increased 51% to ₱578.69 million from ₱383.10 million, despite the expiration of tax holidays for its coconut water business earlier this year.
"Through nine months of 2021, we have already outperformed our full-year 2020 earnings. Based on this trajectory, we expect 2021 topline to exceed pre-COVID levels and profit to be similar or above 2019 record income in spite of significant headwinds such as the global shipping shortage and without the tax holidays available up to January 2021,” stated Henry J. Raperoga, President and Chief Operating Officer of Axelum Resources Corp.